Micron Technology (MU) Given a $55.00 Price Target at Goldman Sachs Group

Micron Technology (NASDAQ:MU) has been given a $55.00 target price by equities researchers at Goldman Sachs Group in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Goldman Sachs Group’s price objective suggests a potential upside of 37.50% from the stock’s previous close.

Several other research analysts have also commented on the company. Mizuho reiterated a “buy” rating and issued a $55.00 price objective (up from $50.00) on shares of Micron Technology in a research note on Tuesday. Morgan Stanley reduced their price objective on Micron Technology from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday. Needham & Company LLC upgraded Micron Technology from a “buy” rating to a “strong-buy” rating and set a $76.00 price objective on the stock in a research note on Tuesday. UBS Group cut Micron Technology from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, KeyCorp upgraded Micron Technology from a “sector weight” rating to an “overweight” rating and set a $53.00 price objective on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $55.80.

Micron Technology (NASDAQ MU) traded down $2.01 during mid-day trading on Wednesday, hitting $40.00. The stock had a trading volume of 53,782,446 shares, compared to its average volume of 40,380,000. The company has a quick ratio of 1.83, a current ratio of 2.39 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $46,250.00, a price-to-earnings ratio of 6.30, a PEG ratio of 0.44 and a beta of 1.62. Micron Technology has a 1-year low of $22.64 and a 1-year high of $49.89.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.60. The company had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.43 billion. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The firm’s revenue for the quarter was up 71.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 earnings per share. equities research analysts forecast that Micron Technology will post 10.05 earnings per share for the current fiscal year.

In related news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $42.40, for a total transaction of $2,583,050.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $41.38, for a total value of $124,140.00. Following the transaction, the director now owns 116,699 shares of the company’s stock, valued at $4,829,004.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 158,720 shares of company stock valued at $6,782,100. Insiders own 0.53% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC grew its stake in shares of Micron Technology by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 12,125,074 shares of the semiconductor manufacturer’s stock valued at $476,863,000 after buying an additional 274,086 shares during the period. CI Investments Inc. grew its stake in shares of Micron Technology by 0.5% during the 3rd quarter. CI Investments Inc. now owns 7,570,300 shares of the semiconductor manufacturer’s stock valued at $297,740,000 after buying an additional 35,300 shares during the period. Legal & General Group Plc grew its stake in shares of Micron Technology by 1.7% during the 3rd quarter. Legal & General Group Plc now owns 5,642,131 shares of the semiconductor manufacturer’s stock valued at $221,856,000 after buying an additional 94,517 shares during the period. Greenlight Capital Inc. grew its stake in shares of Micron Technology by 89.5% during the 3rd quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock valued at $197,511,000 after buying an additional 2,371,900 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD grew its stake in shares of Micron Technology by 9.6% during the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 4,580,165 shares of the semiconductor manufacturer’s stock valued at $180,137,000 after buying an additional 401,028 shares during the period. Institutional investors own 81.05% of the company’s stock.

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Micron Technology Company Profile

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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